Harbor Custom Development Inc announced that it has closed its $1.5 million purchase of a 138-unit entitled apartment site in Port Orchard, Washington State.
The company said the Bridgeview project is a future three-story, garden-style apartment complex scheduled to begin construction in April, 2022.
“It is our objective to complete construction of Bridgeview in 2023 and sell the project upon completion,” Harbor Custom Development CEO Sterling Griffin said in a statement.
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“If existing market conditions remain constant, we anticipate generating approximately $46 million from the sale of the project,” Griffin added.
Harbor Custom noted that the significant appreciation in rental rates over the past year in the company’s target markets, combined with record low capitalization rates and its inventory of entitled apartment property has created a significant opportunity for the company within the multi-family vertical.
Harbor Custom Development is a real estate development company involved in all aspects of the land development cycle of various residential projects in Western Washington's Puget Sound region; Sacramento, California; Austin, Texas and Punta Gorda, Florida.
Contact Sean at sean@proactiveinvestors.com